August numbers are out from the Toronto Real Estate Board. Sales were just over 8,000 units -27% higher than August '08. For September, we are forecasting 7,500+ units. Compare that to 6400 units in September '08 and 6,900 units in September '07 ( the record sales year on TREB).
There is no reason to expect this market to back off. Affordability is at a five year low and the economy is starting to improve along with consumer confidence. Listings are still in short supply and while prices have increased from February lows, we have not seen any speculative price increases that would suggest any type of housing/condo bubble that would lead to a correction in the near term.
All good news but we have been in this business long enough to not get complacent. The key to success in this business is to track the real estate market on an ongoing basis and to keep on top of even the slightest changes. That's where most of the experts tend to fall down and which leads them to their biggest mistakes.
There is no reason to expect this market to back off. Affordability is at a five year low and the economy is starting to improve along with consumer confidence. Listings are still in short supply and while prices have increased from February lows, we have not seen any speculative price increases that would suggest any type of housing/condo bubble that would lead to a correction in the near term.
All good news but we have been in this business long enough to not get complacent. The key to success in this business is to track the real estate market on an ongoing basis and to keep on top of even the slightest changes. That's where most of the experts tend to fall down and which leads them to their biggest mistakes.
